The CCHP says they have been working with sub-contractors over the past 6 weeks to reconcile work with each contract, significant payments were made in December and January, and they expect the accounting to be completed in early February.
Here is the full statement issued:
“In a statement
issued in December 2013, we noted that Charlotte County Hospitality Partners has
assumed responsibility for the management of the renovation of the Algonquin
Hotel.
Over the past six
weeks we have been working with the sub contractors to reconcile work performed
against each contract and significant payments were made in December and
January. With the cooperation of all the sub-contractors we have been able
to
continue working
towards full project completion for May and a possible partial opening in
February or March. As the account reconciliation continues, some sub-contractors
have exercised their lien rights. We understand that this is a legal precaution
to protect their interests and we appreciate the continued support we are
getting from the subcontractors.
We expect to have the
accounting work completed in early February and for additional payments to be
made shortly.
When we set out to revitalize
the Algonquin, we knew there would be challenges. We’re certain, however, that
when the final results are unveiled it very quickly will become the hospitality
landmark of Atlantic Canada and make all New Brunswick very proud. Our booking
pace is extremely positive and we anticipate an exceptional spring and
summer.”
Charlotte County Hospitality
Partnership.
